8 Common Mistakes For First Time Sellers To Avoid
Selling a home for the first time can be hard for many people. Due to lack of experience you may make mistakes that might un-necessarily complicate the process.
Here are 8 common mistakes that you should try to avoid when selling a house.
1) Getting too emotionally attached
It is quite understandable that your house is worth more than just a monetary value to you. Your house is likely to become like an extension of your family; the walls that it is built of are more than brick, cement, and wood to you. When you decide to sell it is important to detach yourself emotionally because the memories that you share with the house are not shared by your potential buyers. Buyers will see the house and judge it just as a normal house for sale.
2) Setting an unrealistic price
You may think your house deserves a certain amount more than what similar houses in the neighborhood are valued at. Sellers often think of setting a high price in the beginning to have some room to negotiate with. This can backfire quite severely. Buyers are more likely to ignore the house completely rather than bargaining. This means the house can remain unsold for quite a long time, and even if you lower the price afterward, buyers will think there is something wrong with the house for it to remain unsold for such a long time. Also, even if your price is realistic, you may not get your asking price.
3) Not preparing the house to sell
If you have to sell your house, you are likely to be competing with a used home against a newly constructed one. So it is of utmost importance that you prepare the house for buyers’ inspection and keep it neat and clean. Fix the small problems like a tight doorframe or a broken window pane. If the house looks worn, buyers will lose interest or offer a low price. So maybe a fresh layer of paint before selling could help you . Remember that a potential buyer will imagine themselves in the house, so your personalization may be valuable and meaningful to you, but chances are the buyer would not find those attractive.
4) Not taking the first offer seriously
First offers often come fast and suddenly. Most first time sellers do not pay attention to it and deem that better offers will follow. While that is not impossible by any means, at the same time, do not ignore a good offer regardless of when it comes. You might not get another offer for a while.
5) Choosing a realtor who is not good for you
Often people have misconceptions that you absolutely need to have a realtor in order to sell a house. This is not true. At the same time, it does not mean you do not need a realtor at all. It all depends on how much you want to get involved in the selling process, how much work you are prepared to do and your knowledge about selling a house.
6) Trying to hide faults
Under no circumstances should you attempt to hide any faults or problems in your home. If the problem is exposed afterward, you can be sued for concealing the problem from the buyer. If you have a problem, you should either fix/repair it before putting your house for sale. Be very clear and honest about faults in your home and accept that you could get a reduced price for that.
7) Knowing how stuff works
Not knowing your rights and obligations and that of the buyers’ is a common mistake. Be very clear on how to sell a house and follow all required legal procedures before and after the transaction.
8) Mistaking lookers as buyers
This is one place where having a realtor comes real handy. Often you will find people looking around your house, who are not even qualified to buy a house, let alone actually being interested. There is no need to entertain these lookers as it will not serve any purpose. Watch out for them.
Although it sounds like a tedious job (and it absolutely is), selling your home can be very satisfying if you get the correct price and find someone who loves your house like you did. If you don’t make mistakes like those mentioned above, hopefully, you will get a sweet deal for your house. Looking for more tips on how to sell your house? Learn more here.